EV Battery Polymer Market size worth US$15.355 billion by 2029
The electric vehicle battery polymer market is expected to grow at a CAGR of 11.97%, reaching a market size of US$15.355 billion in 2029 from US$8.724 billion in 2024.
An electric vehicle battery polymer is a type of rechargeable battery of the EV lithium-ion battery technology, which uses polymer electrolyze, in place of liquid electrolytes. The electric vehicle battery polymer technology offers multiple benefits to the performance of an electric vehicle, in weight reduction is among the key benefits of this technology. The electric vehicle battery polymer technology uses polymers in place of liquid electrolytes, which significantly reduces the battery weight, as the polymer has lower density as compared to the metal. The polymer electrolyte technology in EV batteries also enhances the battery life cycle, as these polymers are designed to offer a longer life compared to the other technologies. It also offers higher energy density, which generally ranges between 250 W to 650 W. The battery polymer also provides optimum power delivery and offers customization in the shape of the battery.
- Growth Drivers in the Electric Vehicle Battery Polymer Market
The global electric vehicle battery polymer market is estimated to witness major growth, attributed to the increasing global demand for electric vehicles and the introduction and development of new technologies in the industry. With the rising demand for electric vehicles across the globe, various companies and organizations are sure to invest massive amounts in research and development of new technologies, like polymer-based lithium-ion battery technology. Various companies have launched new products and solutions in the global electric vehicle polymer battery market, which includes, Paraclete Energy, a global manufacturer of high-capacity nanoparticle silicon for lithium-ion batteries, introduced Silo Silicon, a breakthrough in silicon anode technology, in July 2024. The new Silo Silicon material offers a unique polymer matrix architecture, which enables the delivery of up to 300% energy density.
- Segmentation of the Electric Vehicle Battery Polymer Market
The component segment of the electric vehicle battery polymer market is categorized into exterior and interior. Under the component segment of the global electric vehicle battery polymer market, the internal category is forecasted to witness a greater market share. The internal component of EV battery polymer consists of multiple components, like insulated mats, negative tabs, positive tabs, and separators among others, which are key for the operations of a battery.
The electric vehicle battery polymer market, under the type segment, is categorized into elastomers and engineering plastics. The elastomers category is further divided into silicone elastomer, synthetic rubber, and fluoroelastomer, whereas the engineering plastics category is further divided into polyphenylene sulfide (PPS), acrylonitrile butadiene styrene (ABS), fluoropolymer, polyurethane, thermoplastic polyester, polycarbonate, polyamide, and others. The elastomers category under the type segment of the global EV battery polymer market is forecasted to witness major growth. The elastomers are filled with glycerol, which offers shape memory properties, and have the capability to serve as a solid polymer electrolyte of electric batteries.
Based on geography, the Asia Pacific region is forecasted to witness the maximum share in the global electric vehicle battery polymer market, majorly with the increasing production and adoption of electric vehicles in the region. The Asia Pacific is among the biggest producers of electric vehicles and its technologies, like batteries, across the globe. The Asian Pacific countries, like China, Japan, India, Taiwan, and Vietnam have also introduced multiple policies and investment opportunities to boost the technological development in the electric vehicle ecosystem. The International Energy Agency, in its global EV report, stated that the stock of battery electric vehicles (BEV) in China grew rapidly. The agency stated that in 2021, the nation had about 6.2 million electric vehicle stock, which increased to 10.7 million in 2022, finally reaching 16.1 million of total electric vehicle stock in 2023.
- Key Players in the Electric Vehicle Battery Polymer Market
The research includes several key players from the electric vehicle battery polymer market, such as Asahi Kasei Corporation, BASF SE, Celanese Corporation, Covestro AG, LyondellBasell Industries N.V., Saudi Basic Industries Corporation (Saudi Arabian Oil Co), Solvay.
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This analytics report segments the electric vehicle battery polymer market as follows:
- By Component
- Exterior
- Interior
- By Type
- Elastomers
- Silicone Elastomer
- Synthetic Rubber
- Fluoroelastomer
- Engineering Plastics
- Polyphenylene Sulphide (PPS)
- Acrylonitrile Butadiene Styrene (ABS)
- Fluoropolymer
- Polyurethane
- Thermoplastic Polyester
- Polycarbonate
- Polyamide
- Others
- Elastomers
- By Geography
- North America
- USA
- Canada
- Mexico
- South America
- Brazil
- Argentina
- Others
- Europe
- UK
- Germany
- France
- Spain
- Others
- Middle East and Africa
- Saudi Arabia
- Israel
- UAE
- Others
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Vietnam
- Indonesia
- Others
- North America
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